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					Standard Chartered Bank (Pakistan) Limited
           Condensed Interim
   Consolidated Financial Statements
    For the three months period ended
              March 31, 2008




                                      www.standardchartered.com.pk   21
     Standard Chartered Bank (Pakistan) Limited                                                                   Standard Chartered Bank (Pakistan) Limited
     Consolidated Condensed Interim Balance Sheet                                                                 Consolidated Condensed Interim Profit and Loss Account (Un-Audited)
     As at March 31, 2008                                                                                         For the three months period ended March 31, 2008
                                                                                 March 31,         December 31,                                                                                  March 2008       March 2007
                                                                                   2008                 2007                                                                                          (Rupees in '000)
                                                                                       (Rupees in '000)           CONTINUING OPERATIONS
                                                                                (Un-Audited)         (Audited)    Mark-up / return / interest earned                                               5,465,791          5,666,433
     ASSETS                                                                                                       Mark-up / return / interest expensed                                            (1,556,671)        (1,589,668)
                                                                                                                  Net mark-up / return / interest income                                           3,909,120          4,076,765
           Cash and balances with treasury banks                                 22,743,449         26,295,978
           Balances with other banks                                              1,422,649          1,626,517    Provision against non-performing loans and advances                             (1,701,227)          (782,270)
           Lendings to financial institutions                                    28,007,110         15,393,820    Recovery of amounts written off in previous years                                  275,154             41,889
                                                                                                                  Provision for diminution in the value of investments                                   359                244
           Investments                                                           38,906,498         40,717,866    Bad debts written off directly                                                            -                  -
           Advances                                                             127,638,580        122,787,983                                                                                    (1,425,714)          (740,137)
           Operating fixed assets                                                 3,882,762          3,748,399    NET MARK-UP/INTEREST INCOME AFTER PROVISIONS                                     2,483,406          3,336,628
           Intangible assets                                                     28,050,279         28,233,852
           Deferred tax assets                                                    3,281,676          3,271,017
                                                                                                                  NON MARK-UP / NON INTEREST INCOME
           Other assets                                                          19,428,345         17,040,102
                                                                                                                  Fee, commission and brokerage income                                               984,218            793,339
                                                                                273,361,348        259,115,534    Dividend income                                                                           -               184
                                                                                                                  Income from dealing in foreign currencies                                          370,088            227,956
     LIABILITIES                                                                                                  (Loss) / Gain on sale of securities                                               (113,707)            14,043
                                                                                                                  Unrealised gain on revaluation of investments classified as held for trading              -             4,506
           Bills payable                                                          3,941,005          6,637,388    Other income                                                                       656,253            276,195
                                                                                                                  Total non-mark-up / interest income                                              1,896,852          1,316,223
           Borrowings from financial institutions                                18,119,766          6,882,731
                                                                                                                                                                                                   4,380,258          4,652,851
           Deposits and other accounts                                          177,741,610        177,044,230    NON MARK-UP / NON INTEREST EXPENSES
           Sub-ordinated loans                                                    1,932,909          1,912,455
           Liabilities against assets subject to finance lease                            -                  -    Administrative expenses                                                         (3,172,003)        (2,498,921)
           Deferred tax liabilities                                                       -                  -    Other provisions / assets write offs                                                      -                  -
                                                                                                                  Other charges                                                                         (240)                  -
           Other liabilities                                                     27,071,446         22,652,559
                                                                                                                  Total non-mark-up / interest expenses                                           (3,172,243)        (2,498,921)
                                                                                228,806,736        215,129,363
     NET ASSETS                                                                  44,554,612         43,986,171    Extra-ordinary / unusual items                                                           -                  -
                                                                                                                  PROFIT BEFORE TAXATION FROM CONTINUING OPERATIONS                                1,208,015          2,153,930
     REPRESENTED BY:
                                                                                                                  Taxation:
                                                                                                                              - Current                                                             (313,920)          (715,118)
           Share capital                                                         38,715,850         38,715,850                - Deferred                                                            (117,167)            (34,436)
           Reserves                                                               1,902,441          1,736,041                                                                                      (431,087)          (749,554)
           Unappropriated profit                                                  3,666,065          3,031,159    PROFIT AFTER TAXATION FROM CONTINUING OPERATIONS                                   776,928          1,404,376
                                                                                 44,284,356         43,483,050
           Minority interest                                                        765,103            760,180    DISCONTINUING OPERATIONS
           Deficit on revaluation of securities - net of deferred tax              (494,847)          (257,059)
                                                                                                                  Profit from discontinuing operations (net of tax Rs 2,326 thousand)                 20,840                  -
                                                                                 44,554,612         43,986,171    PROFIT AFTER TAXATION                                                              797,768          1,404,376

     CONTINGENCIES AND COMMITMENTS                                                                                Attributable to:
                                                                                                                      Equity holders of the Bank                                                     793,633          1,405,221
                                                                                                                      Minority interest                                                                4,135               (845)
                                                                                                                                                                                                     797,768          1,404,376
                                                                                                                                                                                                     Rupees             Rupees
                                                                                                                  BASIC/ DILUTED EARNINGS PER SHARE                                                     0.20                0.36


            Badar Kazmi               Shahid Zaki             Nadeem Abdullah         Najmul Islam Chaudhri
           Chief Executive              Director                  Director                   Director
                                                                                                                         Badar Kazmi                 Shahid Zaki              Nadeem Abdullah       Najmul Islam Chaudhri
          Karachi: April 29, 2008                                                                                       Chief Executive                Director                   Director                 Director
22   SCBP 1st Quarterly Report 2008                                                                                    Karachi: April 29, 2008                                                          www.standardchartered.com.pk   23
     Standard Chartered Bank (Pakistan) Limited                                                                 Standard Chartered Bank (Pakistan) Limited
     Consolidated Condensed Interim Cash Flow Statement (Un-Audited)                                            Consolidated Condensed Interim Statement of Changes in Equity (Un-audited)
     For the three months period ended March 31, 2008                                                           For the three months period ended March 31, 2008
                                                                              March 31,       December 31,
                                                                               2008              2007                                                                    Share        Share   Exchange Statutory      Unappropriated/     Total      Minority       Total
                                                                                                                                                                         Capital     Premium Translation Reserve        Unremitted                   Interest
     CASH FLOW FROM OPERATING ACTIVITIES                                            (Rupees in '000)                                                                                           Reserve                    Profit
                                                                                                                                                                                                                      (Rupees in '000)
                                                                                                                Balance as at December 31, 2006                         38,715,850   1,036,090   (19,623)   170,172       777,888      40,680,377    756,618      41,436,995
     Profit before taxation                                                     1,231,181         2,153,930
     Dividend income                                                                    -                       Recognised income and expense for the three
                                                                                                                  months period ended March 31, 2007                        -            -          -          -        1,405,221       1,405,221       (845)     1,404,376
                                                                                                       (184)
                                                                                1,231,181         2,153,746     Transfer to Statutory reserve                               -            -          -       286,957      (286,957)               -          -          -
     Adjustments for :
                                                                                                                Minority share of deficit on revaluation of available
     Depreciation                                                                 181,214           138,989       for sale of securities                                    -            -          -          -            -                    -          379            379
     Amortization                                                                 208,180           235,743
     (Gain)/Loss on disposal of fixed assets                                       (1,771)               59     Exchange difference on translation of net
                                                                                                                  investment in foreign branches                             -           -       (10,636)      -            -             (10,636)       -           (10,636)
     Provision for diminution in the value of investments                            (359)             (244)    Balance as at March 31, 2007                            38,715,850   1,036,090   (30,259)   457,129     1,896,152       42,074,962   756,152      42,831,114
     Provision against loans and advances - net                                 1,426,073           740,381
                                                                                                                Recognised income and expense for the nine months
                                                                                1,813,337         1,114,928       period from April 01, 2007 to December 2007               -            -          -          -        1,411,368       1,411,368     53,739      1,465,107
                                                                                3,044,518         3,268,674
     Decrease / (Increase) in operating assets                                                                  Transfer to Statutory reserve                               -            -          -       276,361      (276,361)               -       -             -
     Lendings to financial institutions                                       (12,613,290)      (11,378,005)    Exchange difference on translation of net
     Held-for-trading securities                                                       976          (314,372)     investment in foreign branches                            -            -        (3,280)      -            -              (3,280)          -         (3,280)
     Advances                                                                   (6,276,670)        3,957,846    Dividend paid to minority shareholders                      -            -          -          -            -                    -   (51,867)       (51,867)
     Other assets                                                               (2,380,793)        2,796,513
                                                                              (21,269,777)        (4,938,018)   Minority share of deficit on revaluation of available
     (Decrease)/ Increase in operating liabilities                                                                for sale securities                                       -            -          -          -            -                    -     2,156           2,156

     Bills payable                                                             (2,696,383)         (753,019)
     Borrowings from financial institutions                                    11,237,035        (2,831,912)    Balance as at December 31, 2007                         38,715,850   1,036,090   (33,539)   733,490     3,031,159       43,483,050   760,180      44,243,230
     Deposits and other accounts                                                  697,380        13,066,784
     Other liabilities                                                          4,424,007        (4,049,011)    Recognised income and expense for the three
                                                                                                                  months period ended March 31, 2008                            -        -          -          -          793,633         793,633      4,135        797,768
                                                                               13,662,039         5,432,842
     Cash (outflow) / inflow before taxation                                   (4,563,220)        3,763,498     Transfer to statutory reserve                                   -        -          -       158,727      (158,727)           -                         -
     Income tax paid                                                             (319,040)           (40,308)                                                                                                                                           -
     Net cash (used in)/ generated from operating activities                                                    Exchange difference on translation of net
                                                                               (4,882,260)        3,723,190       investment in foreign branches                                -        -         7,673       -            -               7,673       -              7,673

     CASH FLOW FROM INVESTING ACTIVITIES                                                                        Minority Share of deficit on revaluation of
                                                                                                                 available for sale securities                              -            -          -          -            -               -               788            788
     Net investments                                                            1,445,925        (5,547,629)
     Dividend income received                                                            -              184     Balance as at March 31, 2008                            38,715,850   1,036,090   (25,866)   892,217     3,666,065       44,284,356   765,103      45,049,459
     Net Investment in operating fixed assets including intangible assets        (342,817)         (210,913)
     Sale proceeds on disposal of fixed assets                                     25,208            11,188
     Net cash inflow (used in) investing activities                             1,128,316        (5,747,170)    Statement of Recognised Income and Expenses

                                                                                                                                                                                                                                                     March 31, March 31,
     CASH FLOW FROM FINANCING ACTIVITIES                                                                                                                                                                                                              2008         2007
     Sub-ordinated term finance certificates issued- net                             (350)             (351)                                                                                                                                           (Rupees in '000)
     Payment of lease obligations                                                  (2,103)             (247)                                                                                                                                          797,768      1,404376
                                                                                                                Profit after taxation
     Net cash (used in) financing activities                                       (2,453)             (598)
                                                                                                                Total recognised income and expense for the period                                                                                    797,768      1,404376

     Decrease in cash and cash equivalents for the period                      (3,756,397)       (2,024,578)
     Cash and cash equivalents at beginning of the period                      27,922,495        26,192,982
     Cash and cash equivalents at end of the period                            24,166,098        24,168,404


                                                                                                                          Badar Kazmi                               Shahid Zaki                  Nadeem Abdullah                     Najmul Islam Chaudhri
                                                                                                                         Chief Executive                              Director                       Director                               Director
            Badar Kazmi               Shahid Zaki           Nadeem Abdullah      Najmul Islam Chaudhri                 Karachi: April 29, 2008
           Chief Executive              Director                Director                Director
          Karachi: April 29, 2008
24   SCBP 1st Quarterly Report 2008                                                                                                                                                                                                      www.standardchartered.com.pk            25

				
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